ADB lowers growth forecasts for Indonesian economy
The Asian Development Bank (ADB) has reduced its projections for Indonesia’s economy in 2020 and 2021 due to a continued slowdown in financial activity as a result of the continuing COVID-19 pandemic.
Jakarta (VNA)ܫ - The AsianDevelopment Bank (ADB) has reduced its projections for Indonesia’s economy in 2020 and 2021 due to a continued slowdown infinancial activity as a result of the continuing COVID-19 pandemic.
Accordingly,the ADB downgraded its growth forecasts for the Indonesian economy to minus 2.2percent and 4.5 percent in 2020 and 2021, respectively, from the earlierprojections of minus 1 percent and 5.3 percent. The COVID-19pandemic led to a contraction of around 3.5 percent year-on-year (yoy) in GDP in the third quarter, taking the country into its very first economicdownturn given that the 1998 Asian monetary crisis, after a 5.32 percentcontraction in the second quarter, according to information from StatsIndonesia (BPS). “GDP forecast in2020 has actually been downgraded for Indonesia, Malaysia and the Philippinesas COVID-19 containment measures have obstructed financial healing,” ADB nationeconomist for Indonesia Emma Allen said in a virtual instruction on December 10./.
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Illustrative image (Photo: Jakartaglobe.com) 
